Setting a Public Goal for a Million!
Now I don’t think anyone should be surprised by this practice we know that public declarations of goals hold you accountable.
I mean when the Harvard Business Review has an article on it.
Now I have many goals but I wanted to ensure this on was out there, this medium is also a bit of a guide to goal settings and how I think you need to do it.
I want to complete a single project that will net me R 1 000 000 in after tax profits by 22 November 2018. This aligns with my long term goal of expanding my South African investment portfolio.
What makes a good goal?
Goals need to be SMART
Specific — Set out well-defined goals
Measurable — Can the goal and success there of be measured?
Achievable — Can you achieve the goal?
Realistic — Is it realistic?
Time Bound — Does the goal have a defined time line?
Ok, so let’s test out the goal:
Is the goal specific? Yes, it has a set number defined.
Is it measurable? Probably the weak point there but I can have milestones to measure and I can measure my success when we hit the deadline.
Is it achievable? Yes, it definitely falls within my skill set and possibilities.
Is it realistic? Yes, compared with current projects this will be a step up in my process.
Is it time-bound? Yes, I want it finished by my 29th birthday.
Why those measurements?
SMART is a tool I picked up in my project management days there is a logic behind every criterion.
Specific is important if you set a goal saying you “want to be successful” how will you know what to work towards or when you have achieved the goal?
Measurable There is a quote to cover this:
“If You Can’t Measure It, You Can’t Improve It” — Peter Drucker
Achievable & Realistic I'm batching these together but at the end of the day you need to set a realistic goal, gone are the days of you can be anything if you set your mind to it. Once we have a smart goal the sky is definitely a limit, I believe you can achieve anything you want but put those on a vision board, not a SMART short term goal.
Time-bound I believe that this is the most crucial part. Great I can set a goal to make R 1 000 000, how long will that take? Here is a simple adage to answer that question.
“work expands so as to fill the time available for its completion”
The Grow Model
I am going to speed through this but please read up on the GROW methodologies. Here is a link
GROW stands for:
- Current Reality.
- Options (or Obstacles).
- Will (or Way Forward).
We have a goal, check.
I have the skillset, I lack the opportunity, I have the time, I have established the market opportunity.
Options or Obstacles:
The most likely option is for me to start a 4–8 unit residential development. Alternatives would be for a larger project with partners I have the connections but have very little working experience with the people I know.
I need to find the opportunities, I am going to set out some milestones.
Simple milestones are as follows.
- Conduct high-level area research
- Identify possible opportunities
- Conduct site research & feasibility
- Contact vendors
- Due Diligence
- Project Launch (Deadline year-end 2017)
- Create further milestones to suit project
That’s all folks!
I’ll revisit this goal before that first deadline. Until then I have work to do.
I also relied on this article when writing this. link here